Power Metal Resources plc (LON:POW) the AIM listed metals exploration and development company is pleased to provide an update from Red Rock Australasia Pty Ltd ("RRAL"), the Australian gold joint venture ("JV") company in which POW has a 49.9% interest. RRAL has gold exploration interests near the historic mining centre of Ballarat in the Gold Fields of Victoria, Australia.
Paul Johnson, Chief Executive Officer of Power Metal Resources commented:
“I am pleased to announce further progress from RRAL with regard to the license application progress and notably that a further 7 license applications have been formally accepted and given the highest ranking.
RRAL is making great progress in the application process and is investing now in building its technical and managerial team, local to Ballarat, in readiness for an investment in field exploration work when licenses are granted allowing ground operations to commence in earnest.
The greatest return on exploration spend is through effective preparation and RRAL has built a considerable data bank allowing increasingly refined exploration planning with a focus on utilising local team members to undertake exploration programmes.”
FURTHER JOINT VENTURE INFORMATION:
Joint Venture Company - RRAL
RRAL is a joint venture company 49.9% owned by POW and 50.1% by Red Rock Resources plc (LON:RRR). Paul Johnson, CEO of POW and Andrew Bell, Chairman of RRR and POW, are directors of RRAL.
RRAL has lodged applications for thirteen new gold exploration licence areas covering circa 2,336 km2 in the Victoria Goldfields of Australia as follows:
|License Application Number||Project Name||Area (sq km)||Report Name
|EL007271||Blue Whale||133||South Ballarat||Report (PDF)|
|EL007281||Blue Chip||74||Ross Creek||Report (PDF)|
|EL007282||Blue Sky||489||Dunnstown-Yandoit||Report (PDF)|
|EL007285||Blue Ribbon||8||Ballarat North||Report (PDF)|
|EL007294||Red Queen||130||Talbot||Report (PDF)|
|EL007301||Mt Bute||85||Pitfield||Report (PDF)|
|EL007327||Blue Stocking||60||Dereel||Report (PDF)|
|EL007328||Blue Yonder||168||Elaine||Report (PDF)|
|EL007330||Blue Angel||202||Daylesford||Report (PDF)|
|EL007460||Kilmore West||349||Lancefield||Report (PDF)|
(3 competing applications)(*)
|State land within EL007271|
* Balmaine Gold Pty Ltd, Mercator Gold Australia Pty Ltd, and Loddon Gold Pty Ltd have put in competing applications the same day as RRAL for the ground covered by EL007540. The application considered to have greatest merit will eventually be given priority.
Further information in respect of the Australia gold JV, including historical reports and targeting assessments prepared for each project, may be viewed through the following link to the Power Metal website:
In addition, an online map of the current application footprint may be viewed through the following link: https://www.powermetalresources.com/p/207/rrraustralasia-gold-project-footprint
The recently finalised National Instrument 43-101 Technical Report covering eight of the above licence applications (collectively the BMV Gold Project) may be viewed through the following link: https://www.powermetalresources.com/p/222/bmv-gold-project-ni-43-101
10 November 2020